Greenway

Operating Revenue and Support
FY15 18-month period
FINANCIALS
In July 2015, the Board of Directors voted to approve a change in
the Conservancy’s fiscal year end from June 30 to December 31
for years beginning on and after July 1, 2014. This was initiated to
better reflect a natural business year. At the recommendation of our
auditors, FY15 was extended to 18 months (July 1, 2014-December 31,
2015) to accommodate the change. FY16 will reflect the new January
1-December 31 calendar fiscal year.
During the FY15 18-month period, the Conservancy achieved
unprecedented growth in private revenue and in-kind support, in
large part due to an extensive public art campaign. Earned income
in FY15 also increased significantly because of strong management
of the Mobile Eats Program paired with the continued strength in the
food truck industry; other notable earned revenue factors included
event fee opportunities and contracted maintenance and horticultural
services for two abutting properties. In addition to the Greenway
Gala fundraising event, the Conservancy introduced a new annual
fundraising event for young professionals. MassDOT funding for
maintenance and horticulture, including cash and in-kind, increased
in FY15 to help supplement for the care of new parcels that were
added to the Conservancy’s lease.
On the expense side, in FY15 the Conservancy grew the percentage
spent on programmatic items to over 85%. The majority of these
programmatic costs were for organic landscape care, park
maintenance, and hundreds of free public programs. The largest
increase was for the large-scale public art Echelman exhibit; a new
program introduced 2 park rangers for security and ambassadorship.
Administrative expenditures remained low in FY15 due to close
monitoring of budgets combined with new cost-saving approaches
to IT management. Fundraising efforts and associated expenditures
were increased to secure contributions for the expanded public art,
rangers, and volunteer programs.
In FY15, non-operating support included capital funding from
MassDOT for both equipment and new parcel improvements.
Significant contributions were also received from donors
to help fund a new drinking fountain and a major capital
repairs project in North End parks. In keeping with our
investment policy, the Conservancy continued to draw from
the endowment at a pre-set rate to fund current operations.
The Conservancy’s investment income was negative in FY15
due to poor market performance. In alignment with our fixed
asset policies, the Conservancy wrote off two discontinued
leasehold improvement projects and several disposed assets.
The Greenway operates with a public/
private funding model. Since its founding, the
Conservancy has leveraged its government
support to raise more than $34M through
philanthropy and other private funds.
Government support, MassDOT $2,885,948
Government support, grants $119,000
In-kind revenue - public $442,500
In-kind revenue - private $664,064
Contributions and grants $2,238,122
Gala & event revenue, net $352,390
Earned revenue $1,142,095
Endowment draw for current operations $961,508
Other Income and recoveries $10,973
Total operating revenue and support $8,816,600
Operating Expenses before Depreciation
Programmatic $7,593,413
Administrative $495,938
Fundraising $723,367
Total operating expenses before depreciation $8,812,718
Depreciation $407,109
Non-Operating Revenue and Support
Government support, MassDOT - capital projects $299,456
Government support, grants - capital projects $225,000
Contributions and grants, capital projects $50,000
Endowment draw for current operations $(961,508)
Investment income, net of fees $(730,061)
Write-off of assets no longer in service $(303,355)
Total non-operating revenue and support $(1,420,468)
Change in net assets $(1,823,695)
Net assets, beginning of the year $21,599,021
Net assets, end of the year $19,775,326